Tag: banks

“LONDON (Reuters) – Britain risks driving banks overseas if current high levels of taxation on the industry are maintained after Brexit, a bank lobby group said on Wednesday” writes Midwest Communications Inc for 95kqds.com. Banks face higher taxes than other firms in Britain, after an additional corporation tax surcharge and levy on assets were imposed after the crisis.UK Finance, which represents the country’s finance sector, has published research showing a typical bank in London has a higher tax burden than in rival international financial centres.Finance firms paid a record 75…

“The Canadian banks are competing for a slice of an industry that BMO estimates could hit $194 billion globally” writes Jeremy Berke for businessinsider.com. RBC’s entrance into the industry is a sign that bigger investment banks, once reticent, are becoming increasingly comfortable with cannabis deals.The Royal Bank of Canada’s investment banking arm will begin advising marijuana companies on takeovers and stock sales, encroaching on territory that has recently been dominated by smaller investment banks like Canaccord Genuity.One of Canada’s largest banks is moving into marijuana dealmaking. Source: businessinsider.com Share This:

“Under the amendments, the government has proposed an imprisonment of up to 10 years for attempting to hack Aadhaar data” writes Press Trust Of for huffingtonpost.com. Similarly, the amendment to the PMLA will give individuals option to link their bank accounts to Aadhaar in the KYC option.Sources said the two Acts will be amended to provide for voluntary sharing of the 12-digit identification number for obtaining new mobile phone connections and for the opening of bank accounts.Under the amendments, an Aadhaar holder can opt for offline verification through QR code…

“The Advisory Council of the United Arab Emirates Banks Federation (UBF) discussed applying blockchain in its member banks, according to the Dubai-based English language newspaper Gulf News on Dec. 17” writes Helen Partz for cointelegraph.com. The Advisory Council of UBF, a non-profit organization representing 50 member banks in the country, considered using blockchain to improve Know Your Customer (KYC) processes at entrant banks.At the meeting, participants considered strategies to attract foreign investments and build a necessary infrastructure by using AI and blockchain.The study has outlined a number of blockchain applications…

“U.S. exchanges offer more “comparables” like PayPal to help define the stock price and access to technology investors, bankers say” reports businessinsider.com. PagSeguro Digital Ltd’s listing in particular was pivotal to convincing Brazilian companies they could win better valuations abroad, bankers say.That means American banks have grabbed a much higher portion of the $280 million in fees paid by Brazilian companies so far this year.U.S. banks advised on 56 percent of Brazilian share offerings this year, the data shows, after trailing local banks last year with only 29.7 percent. Source: businessinsider.com…

“We have been more cautious in the extension of credit, initial credit lines, the broad-based credit line increase programs,” he said” writes Midwest Communications Inc for 95kqds.com. (Reuters) – As U.S. bank stocks tanked this month over fears of an impending recession, industry executives downplayed concerns to colleagues, analysts and journalists, arguing that the economy is in great shape.Even so, bankers and analysts say the next recession will look much more like the 2001 tech bubble bursting than the 2007-09 global financial crisis.”We are in somewhat of a goldilocks period…

“Holding off on adding Apple Pay was a risk for CommBank and the other major banks because it could have resulted in losing customers” writes Rachel Green for businessinsider.com. Commonwealth Bank of Australia (CommBank), the largest of the “Big Four” banks in Australia, announced on Twitter that it will be adding support for Apple Pay starting in January 2019.Three of the four major banks, CommBank, National Australia Bank (NAB) and Westpac, have held off supporting Apple Pay because Apple restricts access to its NFC hardware, preventing third parties from building…

“They forecast a 15 percent outperformance for European banks by the end of the first quarter of 2019, as euro-area PMIs improve and Bund yields rise” reports etfdailynews.com. From Tyler Durden : As we approach the end of a dismal year for European stocks, the question is: which sector had the worst year of them all?. With a few trading sessions left before the end of 2018, banks and autos are in a tight race to the bottom.While some may view the sector as cheap, it still seems that being…

“Customers of Qapital, originally an automated savings app, now have debit card-linked savings accounts and the ability to invest” reports fastcompany.com. To draw in more customers, the company is offering a 3% interest rate on those accounts—a basically unheard-of rate.Robinhood customers will also have access to 75,000 ATMs and around-the-clock customer service.It’s still a relatively low number when compared with industry veterans like Fidelity, which manages 26.7 million accounts.Robinhood, the brokerage app known for its popularity among millennials, is getting into more traditional consumer banking with the launch of a…

“Brett Turner, founder and CEO of corporate financial data management company Trovata, recently explained to PYMNTS why this is next to impossible using traditional financial management tools” reports pymnts.com. The friction associated with manually downloading data across banking and financial platforms, and then having to normalize it to make it usable, presents a significant opportunity for open banking initiatives and APIs in the corporate cash management space.Open banking is not a regulatory requirement in the U.S., however, and banks do not necessarily have to open up their data to third…